Balu Forge Industries Ltd

NSE: BALUFORGE · Castings & Forgings · sector

₹424.60NSE close 2026-10-26

Key numbers

Market cap₹5,154 cr

Price₹424.60

52w high / low₹667 / ₹341

P/E17.4xSector median 25.0x

P/B3.2xSector median 3.1x

Book value₹131.3

Dividend yield0.03%Sector median 0.48%

ROE20.2%Sector median 13.4%

ROCE19.5%Sector median 15.8%

OPM26.6%Sector median 17.0%

Debt / equity0.08xSector median 0.15x

EV/EBITDA16.6xSector median 16.8x

Interest cover17.8x

Current ratio3.54x

Sales growth 3y–Sector median +3.4%

Profit growth 3y–Sector median +19.6%

PEG0.96x

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 23 companies in Castings & Forgings (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹89 cr vs borrowings ₹127 cr (FY26): borrowings are higher by ₹38 cr.
Operating profit covered interest 17.8x in the last 12 months.
2.86% of the promoters' shares are pledged (1.5% of all shares).
Promoter holding fell by 0.86 percentage points in a year, to 53.99% (2026-09-30).
Operating cash flow was below net profit in 3 of the last 3 years (FY26, FY25, FY24).
Revenue was higher than a year earlier in 3 of the last 4 quarters.
Other income was 13% of net profit in the last 12 months.
Dividend paid in 2 of the last 3 financial years.
Price ₹424.60 on 2026-10-26: -36.3% from the 52-week high, +24.5% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹810.90 · low ₹398.65

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	223	256	270	233	300	311	264	301
EBITDA	65	68	75	72	83	85	60	85
OPM %	29.3%	26.5%	27.8%	31.0%	27.6%	27.2%	22.7%	28.2%
Other income	2	10	4	2	3	4	23	4
Net profit	48	59	63	57	65	71	66	66
EPS (₹)	4.55	5.52	5.74	5.04	6.08	6.41	6.35	5.49
Revenue YoY					+34.4%	+21.6%	-2.3%	+28.9%
Profit YoY					+35.1%	+20.5%	+4.9%	+15.9%

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY24	FY25	FY26	TTM
Revenue	560	924	1,107	1,175
EBITDA	119	251	300	312
Net profit	94	204	259	268
EPS (₹)	9.80	19.24	23.90	24.33
Revenue growth		+65.0%	+19.9%	+19.7%
Profit growth		+117.6%	+27.0%	+18.1%
Dividend / share (₹)	–	0.15	0.15

Compounded growth	3 years	5 years	Last 12 months
Sales	–	–	+19.7%
Net profit	–	–	+18.1%
EPS	–	–	–
Share price	–	-26.1% (2y)	-28.0%

Balance sheet

₹ cr	FY24	FY25	FY26
Shareholders' equity	553	1,053	1,595
Borrowings	49	36	127
Cash & equivalents	91	96	89
Total assets	712	1,252	1,851
Fixed assets	24	150	514
Capital work in progress	130	417	277
Investments	0	0	0
Receivables	218	327	425
Inventory	89	98	145
Payables	81	118	63

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY24	FY25	FY26
Cash from operations	-18	148	32
Cash from investing	-148	-417	-354
Cash from financing	249	274	315
Capex	148	416	207
Free cash flow	-166	-268	-175

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY24	FY25	FY26
ROE %	16.9%	19.4%	16.2%
ROCE %	21.2%	24.3%	18.7%
Debtor days	142	129	140
Inventory days	87	59	75
Payable days	78	71	32
Cash conversion cycle (days)	151	117	183
Working capital days	234	154	188

Shareholding

Holder	% (2026-09-30)
Promoters	53.99%
FIIs	5.13%
DIIs	0.92%
of which Mutual funds	0.11%
Government	3.81%
Public (non-institutions)	36.15%

Quarter	Dec 2025	Feb 2026	Feb 2026	Mar 2026	Mar 2026	Mar 2026	Jun 2026	Sep 2026
Promoters %	54.87%	53.92%	53.17%	53.51%	53.99%	54.39%	53.51%	53.99%

Promoter group	%
Jaspalsingh Prehladsingh Chandock	49.80%
Trimaan Jaspalsingh Chandock	2.12%
Jaikaran Jaspalsingh Chandock	2.07%
Shivaputra G Bellad	0.00%
Prashant Shivputra Bellad	0.00%

Public holders above 1%	%
Enforcement Directorate Raipur	3.81%
Ebisu Global Opportunities Fund Limited	1.73%
Ashish Kacholia	1.56%
Bengal Finance and Investment PVT Ltd	1.15%
Nova Global Opportunities Fund PCC - Touchstone	1.10%
Hitesh Natwarlal Kawa	1.07%

81,219 shareholders. Pledged: 2.86% of promoter shares.

Peers in Castings & Forgings

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
PTCIL	₹34,768 cr	276.8x	23.1x	8.7%	9.3%	24.6%	–	–
AIAENG	₹33,394 cr	26.4x	4.2x	16.9%	20.1%	27.6%	-3.4%	0.41%
HAPPYFORGE	₹16,596 cr	50.6x	7.8x	16.5%	18.2%	31.1%	–	0.17%
BALUFORGE	₹5,154 cr	17.4x	3.2x	20.2%	19.5%	26.6%	–	0.03%
STEELCAS	₹3,372 cr	37.2x	8.5x	25.2%	30.9%	26.9%	-3.9%	0.52%
AMIC	₹2,253 cr	78.3x	14.3x	22.9%	25.5%	30.2%	–	–
INVPRECQ	₹1,314 cr	90.1x	12.8x	15.0%	15.8%	17.8%	+3.5%	0.04%
NELCAST	₹1,053 cr	25.6x	1.8x	7.1%	9.9%	7.3%	+1.7%	0.41%
SGIL	₹878 cr	–	7.9x	-8.1%	4.2%	9.0%	+8.1%	0.30%
NEETUYOSHI	₹840 cr	31.3x	6.1x	27.5%	22.5%	31.1%	–	–

All 23 companies in Castings & Forgings →

Dividends & corporate actions

Ex-date	Action	Detail
2026-09-18	Dividend	Dividend - Re 0.15 Per Share
2025-09-19	Dividend	Dividend - Re 0.15 Per Share
2024-09-20	Dividend	Dividend - Rs 0.15 Per Share
2024-09-20	Other	Annual General Meeting

Documents

Links go to the original files on the exchange website.

About the company

Manufacture: Metal Products


Sector	Industrials
Industry	Castings & Forgings
Sub-industry	Castings & Forgings
Symbol	BALUFORGE
BSE code	531112
ISIN	INE011E01029
Face value	₹10.0
Incorporated	1989-09-17
Website	www.baluindustries.com
Plants (India / abroad)	3 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.